* US Q1 GDP growth 3.2 pct, lower than expected
* Data show consumer spending, business inventories up
* Euro up, but dollar pares losses vs currency basket
NEW YORK, April 30 (Reuters) - U.S. crude oil futures were up nearly 1
percent on Friday, helped by upbeat first quarter U.S. economic growth data
amd as the dollar fell against the euro in light of rising hopes for aid
soon coming to Greece.
The U.S. economy grew at a slightly slower-than-expected pace in the
first quarter, held back by inventories and exports, but resurgent consumer
spending offered evidence of a sustainable recovery, a Commerce Department
report showed.
Gross domestic product expanded at a 3.2 percent pace, the agency said
in its first estimate -- marking three straight quarters of growth as the
economy climbs out of the worst recession since the 1930s. []
"The GDP report was the perfect in that it supports the view of
stronger oil demand going forward," said Phil Flynn, analyst, PFGBest
Research in Chicago.
"Although the first quarter growth was up, however, the 3.2 percent
rise was not a blockbuster number that could hint at the Fed raising
interest rates again. It in fact bolsters the Fed's statement that interest
rates will be low for an extended period," Flynn added.
The euro rose, extending gains against the dollar, as expectations
Greece will soon receive emergency aid helped to quiet jitters about how
Athens will pay its debts. []
The dollar was down slightly against a basket of currencies <.DXY>.
A multibillion-euro aid package for debt-laden Greece will be hammered
out within days and could keep a sovereign debt crisis from spreading, a
top European Commission official said. Fears over a debt default have
weighed on equities in recent weeks. []
NYMEX front-month May heating oil and RBOB gasoline, which expire at
the close, were up about 2 cents. Next month June contracts for both
sectors were up about the same level.
The premium of NYMEX July crude <CLNO> over the front-month June crude
<CLMO> was around $2, after ending at $2.83 at the close on Thursday. See
<CL-1=R>.
June Brent crude's <LCOMO> premium over June NYMEX crude <CLMO>
narrowed to around $1.50, after ending at $1.73 on Thursday. On Wednesday,
the premium went as high as $3.65, the widest since Aug. 14, 2009. See
[].
PRICES
* On the New York Mercantile Exchange at 11:15 a.m. EDT (1515 GMT),
June crude <CLM0> was up 76 cents, or 0.89 percent, at $85.93 a barrel,
trading from $85.16 to $86.17.
* In London on the Intercontinental Exchange, June Brent crude <LCOM0>
was up 25 cents, or 0.29 percent, at $87.15 a barrel, trading from $86.75
to $87.62.
* NYMEX May RBOB <RBK0> was up 2.44 cents, or 1.04 percent, at $2.38 a
gallon, trading from $2.3650 to $2.3975.
* NYMEX May heating oil <HOK0> was up 2.89 cents, or 1.28 percent, at
$2.2801 a gallon, trading $2.2569 to $2.2819.
* The June/June heating oil crack spread <0#CL-HO=R> was at $10.87,
after ending at $11.04 on Thursday.
* The June/June RBOB crack spread <0#RB-CL=R> was at $14, after ending
at $13.82 on Thursday.
* The spread between the current front month and the five-year forward
crude contract <CLc61> was at $8.27, after ending at $9.03 on Thursday. The
The June 2015 contract settled at $94.20 on Thursday.
MARKET NEWS
* Business activity in the United States expanded more than expected in
April, as the Institute for Supply Management's Chicago business barometer
jumped to 63.8 in April, the highest since April 2005, from 58.8 in March,
a report from the institute showed on Friday. []
* BP Plc <BP.L> will clean up an oil spill from one of its wells in the
Gulf of Mexico and compensate those affected, its Chief Executive said,
accepting that the disaster could hit plans to open new areas off the U.S.
coast to drilling.
[]
(Reporting by Gene Ramos; Editing by John Picinich)
